Guideline Value for Madura Nagar

Madura Nagar guideline value

The current guideline value of Madura Nagar, located in Sathamai village under the Madurandakam SRO, is Rs 175 per sq.ft. This value is effective from 1 July 2024. The land classification for this area is Residential Special Type - II.

How the guideline value of Madura Nagar has changed

The guideline value for Madura Nagar has seen several revisions over the years. In 2007, the value was Rs 150 per sq.ft, which increased to Rs 175 per sq.ft in 2012. However, in 2017, the value decreased to Rs 117 per sq.ft. The 2023 revision maintained the value at Rs 175 per sq.ft, which remains unchanged in the 2024 revision.

From 2017 to 2023, there was a significant increase of 50%, while the change from 2012 to 2017 was a decrease of 33%. Overall, from 2007 to 2024, the guideline value has increased by 17%. The register has no figures for the years 2002 and 2003 for this street.

Guideline values in Sathamai

In Sathamai village, there are seven streets under the Madurandakam SRO that carry a 2024 guideline value, ranging from Rs 175 to Rs 500 per sq.ft. The median value for these streets is Rs 250 per sq.ft, placing Madura Nagar's 2024 figure below the median.

• Madura Nagar Phase-I: Rs 500 per sq.ft (2024)
• Serenity Garden: Rs 250 per sq.ft (2024)
• Subam Nagar: Rs 250 per sq.ft (2024)
• Udhayam Nagar: Rs 250 per sq.ft (2024)
• Vallalar Nagar: Rs 250 per sq.ft (2024)
• Vallalar Nagar Extension: Rs 250 per sq.ft (2024)

Stamp duty and registration fee for property in Madura Nagar

For a 1,000 sq.ft plot at the current rate of Rs 175 per sq.ft, the guideline value amounts to Rs 1,75,000. The stamp duty is calculated at 7%, resulting in Rs 12,250, while the registration fee is charged at 2%, amounting to Rs 3,500. Together, the total fees would be Rs 15,750. It is important to note that the duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for further calculations.

Which Sub Registrar Office covers Madura Nagar?

The Madurandakam Sub Registrar Office covers Madura Nagar, located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sathamai

The guideline value plays a crucial role in property transactions in Sathamai. It is used to determine the stamp duty and registration fees payable when buying or selling property. Buyers must ensure that the property is registered at the guideline value or the sale price, whichever is higher, to comply with legal requirements.

When a property is sold, the guideline value helps in assessing the fair value of the property for taxation purposes. It ensures that the government receives the appropriate revenue from property transactions, maintaining transparency in the real estate market.

Frequently asked questions

What is the current guideline value of Madura Nagar?

The current guideline value of Madura Nagar is Rs 175 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has fluctuated, with the latest revision in 2024 maintaining the value at Rs 175 per sq.ft, unchanged from 2023. The value was Rs 117 per sq.ft in 2017 and Rs 175 per sq.ft in 2012.

What are the other streets in Sathamai with guideline values?

In Sathamai, other streets have varying guideline values, ranging from Rs 175 to Rs 500 per sq.ft. The median value for these streets is Rs 250 per sq.ft.

What are the stamp duty and registration fees in Madura Nagar?

The stamp duty in Madura Nagar is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total fees would amount to Rs 15,750.

Where can I find the Sub Registrar Office for Madura Nagar?

The Madurandakam Sub Registrar Office is located at No.53, Old Taluk Office Road, Maduranthakam-603306, Chengalpattu registration zone. You can find more details through the provided link.